Nationwide House, head office in Swindon

Nationwide building society has named BT Openreach head Joe Garner as its new chief executive, replacing the retiring Graham Beale.

Mr Garner will join the building society in spring 2016 after two years as the head of BT's fixed-line broadband and telephone network provider. He has previous experience in the financial sector, having led HSBC's operations in the UK.

He said: "I've greatly enjoyed my time at Openreach and deciding to leave has been an extremely hard decision, but Nationwide is a firm I long-admired during my time in financial services."

Nationwide chairman David Roberts said: "Joe is an exceptional leader and is exactly the right person to lead the society through the next chapter of its journey."

Gavin Patterson, the BT chief executive, said: "I am sad to see Joe leave but he is moving to a terrific job and I wish him well."